Heritage Cannabis Holdings Corp (OTCMKTS: HERTF) reported revenues of CAD 4.6 million (up 338% YoY) in Q2 2021.
Heritage CEO Clint Sharples is pleased to report stellar growth in Q2 2021. The company will continue the same growth momentum in the coming quarters.
The company posted a record profit of CAD 1.5 million in Q2 2021. Heritage transformed itself to offer six internal brands nationwide from a contract manufacturing firm. It also established an e-commerce site in the US for the sale of medical products. These initiatives in the past year helped it to post impressive growth in Q2 2021. Heritage maintains a cash balance of CAD 11 million at the end of April 2021.
Heritage enhanced its product line to include dried flower, topical, vapes, edibles and concentrates. In addition, the company strengthened product distribution nationwide.
The company unveiled the RAD brand that includes distillate vape, flower, concentrate, edibles, and live resin vape.
It is the best-selling brand in Canada for concentrates. The company shipped RAD branded products to Ontario, Manitoba, CannMart, NWT, Patient Choice, Nova Scotia, New Brunswick, Saskatchewan, and Alberta.
Heritage signed agreements with Medical Cannabis by Shoppers Drug Mart, the Northwest Territories, and New Brunswick in Q2 2021 to expand its distribution.
The company inked distribution pacts with Great White North Growers after Q2 2021 to enter Quebec besides adding Cannmart, Nova Scotia, and Newfoundland.
Heritage secured a contract for the sale of flower under its RAD brand in the Dried Cannabis segment. According to data available from Health Canada, flower sales account for 64% of the overall sales in the dried cannabis category.
Secures loan of CAD 7 million
Heritage secured a non-revolving credit facility of CAD 7 million. It will pay an interest of prime + 1.25%. The company used some of the loan amounts to pay back CAD 4.7 million due in January 2022.
According to a communiqué on April 7, 2021, Heritage plans to enter the Cannabis market in the US by expanding its association with Merida Capital Holdings.
Heritage recently signed a non-binding LOI to takeover Bloom Brands based in California through an all-stock deal. Bloom Brand conducts its sales operations in Nevada, Oklahoma, Washington, New Mexico, Arizona, and California.
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